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Talk about a difference between fantasy and reality. It was just a few weeks ago that the International Monetary Fund predicted that Saudi Arabia would likely be bankrupt within the next five years. Saudi Arabia’s financial position is deteriorating rapidly, and the government is burning through cash like a coked-up
They called it a “historic moment in international finance”. And so with great fanfare, the International Monetary Fund (IMF) announced yesterday that they would be including China’s renminbi in the basket of currencies that comprise their institutional monetary unit, the SDR. The IMF invented the SDR back in 1969 to
[Editor’s Note: This letter was written by Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] On August 6, 1979, Paul Volcker as the new Chairman of the Federal Reserve was determined to eliminate the terribly high inflation that had taken hold of the system. And he succeeded. The
On August 12, 1961, Walter Ulbricht, the Chairman of the State Council in East Germany, signed an order to close the border and begin building a wall around East Berlin. It happened quickly. Soldiers began tearing up the roads leading into West Berlin almost immediately and actually stood with weapons
It started in 1921. World War I was over. The Treaty of Versailles had been signed two years before. And Germany, the biggest loser from the war, had been stuck with both the blame and the bill. Germany’s war debt– which it owed not only for its own war-related expenses,
In astronomy, there’s an important concept known as ‘parallax’, which refers to how a star’s position appears to change based on the position and motion of the observer. The earth is constantly moving along its orbit around the sun. And as this happens, the position of a star in the
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